57A-7-508 Warranties of collecting bank as to documents of title.
Warranties of collecting bank as to documents of title.
A collecting bank or other
intermediary known to be entrusted with documents of title on behalf of another or with collection
of a draft or other claim against delivery of documents warrants by the delivery of the documents
only its own good faith and authority even if the collecting bank or other intermediary has purchased
or made advances against the claim or draft to be collected.
Source: SL 2009, ch 254, § 7-508.